Business News

STAN HONDA/AFP/Getty Images(NEW YORK) -- America’s most highly valued bank, JPMorgan Chase, bounced back from last year’s embarrassing trading loss with a strong fourth quarter.On Wednesday, it reported a quarterly profit of $5.7 billion -- an increase of $2 billion, or 53 percent, from the previous year.  The bank's revenue also shot up in the fourth quarter, rising by 10 percent from 2011 to $24.4 billion."The firm's results reflected strong underlying performance across virtually all our businesses for the fourth quarter and the full year, with strong lending and deposit growth," JPMorgan Chase CEO Jamie Dimon said in ... Read more!

FREDERIC J. BROWN/AFP/Getty Images(NEW YORK) -- Walmart's promise to hire any honorably discharged veteran in his or her first 12 months off active duty seems like a noble one, but how good is the pay?In the U.S., the average wage for a full-time hourly Walmart associate is $12.57, according to the company.  That's $26,108 a year at 40 hours a week, or just above the federal poverty level of $23,050 for a family of four.The median salary for W-1 enlisted military personnel with eight years of experience is $45,528, which is also the "most stressful job for 2013," ... Read more!

Ingram Publishing/Thinkstock(WASHINGTON) -- It's not just the Pentagon that will go under the knife if automatic spending cuts known as sequestration go through on March 1, barring action by Congress.The Office of Management and Budget, which assists President Obama in preparing the federal budget, has put federal agencies on alert, warning them that they could be dealt huge job cuts if $85 billion in spending reductions are enacted.OMB Deputy Director for Management Jeffrey Zients issued a memo to government offices that they need to get ready for the worst, which might come in the form of layoffs, hiring ... Read more!

KIMIHIRO HOSHINO/AFP/Getty Images(NEW YORK) -- Ready, set … doodle!It’s that time of year again, time for the nation’s youngest artists to put their imaginations to paper and create Google’s next doodle for the popular search engine’s homepage.Google has announced their opening for submissions for the sixth annual “Doodle 4 Google,” a yearly competition, “inviting kids to dream big” to change Google’s classic logo. This year’s theme is “My Best Day Ever,” which asks students in grades kindergarten through 12th to submit drawings or doodles representing what their best day looks like. Unfortunately your browser does not support ... Read more!

Jupiterimages/Thinkstock(NEW YORK) -- New reports out Tuesday from AARP and its Public Policy Institute underscore how the tough economy has taken a toll on the middle class, including those over age 50.The group says today’s workers are much less likely to enjoy a secure retirement, let alone the kind of retirement that their parents or grandparents enjoyed. They say these workers have seen their incomes fall, their savings shrink, and have gone deeper in debt. What’s more, according to AARP, health care costs are rising faster than wages. One study, done in conjunction with the Urban Institute predicts that ... Read more!

Bruno Vincent/Getty Images(NEW YORK) -- A young mother whose baby was born with cancer claims that Barclays Capital fired her after an extended leave of absence and cancelled her child's health coverage. Barclays, she says, contested her eligibility for unemployment, forcing her to draw down her savings to support herself and her baby.Now Rachel Walsh, 32, is filing a complaint alleging breach of contract and gender discrimination, and demanding $10 million in damages and compensation.Because Walsh waived her right to trial as part of her employment agreement with Barclays, her claim will be arbitrated by FINRA, The Financial ... Read more!

Hemera/Thinkstock(NEW YORK) -- While it's not a good idea to read too much into one day’s stock market move, tech investors paid close attention. The tech-heavy Nasdaq Composite took a hit following a Facebook announcement about a new search tool for its site. The index closed down nearly seven points at 3,110.78.  The Dow closed at 13,534.89, adding just over 27 points. The S&P gained 1.66 points to close at 1,472.34.Facebook stock ended the day at $30.10 down 0.85 cents or nearly 3 percent. Yelp, a company that may see its business suffer after Tuesday's Facebook announcement, ... Read more!

Digital Vision/Getty Images(NEW YORK) -- A former employee of a New York City law firm is in trouble for stealing mass quantities of office product. This wasn't, as prosecutors said, some guy taking "a box of Post-it Notes out of the office supply closet."  Adrian Rodriguez, 39, formerly of Fried, Frank, Harris, Shriver & Jacobson LLP, was indicted for stealing more than $376,000 worth of copy machine toner, Manhattan District Attorney Cy Vance said Tuesday.There's a black market for office supplies like expensive toner and for the last two years, court records say, Rodriguez ordered far more of it ... Read more!

Justin Sullivan/Getty Images(BENTONVILLE, Ark.) -- Walmart announced Tuesday that it is increasing the sourcing of U.S. products by $50 billion over the next 10 years, hoping to boost U.S. manufacturing and jobs.Walmart, based in Bentonville, Ark., is the largest retailer and private employer in the U.S. with 4,601 stores and clubs.In a speech at the National Retail Federation’s annual convention in New York City, Bill Simon, Walmart’s U.S. president and CEO, said Walmart and Sam’s Club will buy an additional $50 billion in U.S. products over the next decade by increasing what it already buys and helping onshore ... Read more!

Facebook(MENLO PARK, Calif.) -- How you search Facebook is about to change. Facebook on Tuesday introduced a new product called "Graph Search." It turns some of the personal information people have shared on Facebook into a powerful searchable database. For the social network's 170 million users in the U.S., it's bound to change the way people interact with their Facebook friends.Facebook allowed ABC News Nightline behind the scenes ahead of Tuesday's product launch, an event shrouded in secrecy and rife with speculation. Company officials had sent out a tantalizingly vague invitation: "Come and see what we're building." CEO Mark ... Read more!